After a very tough couple of years for UK businesses, we are finally starting to see something like a return to normal. However, we know that things are going to be tough for a while longer yet. The rising cost of living is going to have a real impact on businesses in all sectors, and there are plenty of causes for concern. We know that the markets are going to be in an unpredictable state for some time to come. However, the last thing that any of us can afford to do is to simply give up and roll over.
As the owner of a business, you know that forward momentum is essential. We should always be looking for opportunities to grow and expand. There are always steps that you can take to give yourself a better chance of success. Sometimes that means expanding into a completely new area of business. It could be opening a new location. It could be deciding to invest more in digital and all the opportunities that that area brings. Or it could be the classic step of bringing on more employees to give your business that big boost. We know that all of these steps come with their own risks, which is why we have put together a guide to help your business grow this summer.
Conduct A Thorough Audit
The first thing you need to do if you are looking to grow is to be brutally honest about where your business is right now and how it has performed over the last couple of years. We know that there have been very few reasons to be cheerful since March 2020. But if your company has made it through this brutally difficult time, then the fact is that you must have been doing something right. So, even though conducting a thorough audit involves looking at the areas where you have been underperforming and identifying the things that you can cut, it should also be a positive step. Look for those areas where you have done better than you expected, and where there are clear opportunities for growth. You will find more than you think.
Prioritise Your Security
We are sure that everyone is bored stiff by hearing about cybercrime at this point. It seems like we have been seeing the news about the shocking rise in this area for years now, but the fact remains that this is still something that we all need to be concerned about. We have seen that there are no businesses and no sectors that are safe from this issue, and we know that cybercriminals are always going to be working overtime to find the cracks in our safety nets. So, you need to make sure that you are working just as hard to protect your information and your finances, not to mention those of your clients and customers. If you do not have a security specialist on call, get in touch with an IT expert to look at where you may have weaknesses. If you are thinking of expanding your business, they can also help you to plan your security strategy for these next steps. This really is one of the most important things that any business owner can be doing for their company right now.
Look For Ways To Boost Efficiency
Efficiency has to be one of the most sought-after assets for any business. We are all under an incredible amount of pressure from so many different areas, and no one can afford to take their eye off the ball. It is not just about trying to do more with less, it is also about ensuring that you are staying ahead of the competition. The good news is that there are so many different digital solutions that you can look at to give your efficiency a boost. Take your business finances, for example. From expenses to business payments, this is an area where so much time can be lost simply keeping track of the records and ensuring that everything is being done as neatly as possible. This is where a corporate credit card can help. Payhawk offers company cards that can help you to stay in control and simplify your finance stack, and they offer you 3% cashback.
Give Your Staff Opportunities To Grow
When you are looking to expand your business, you will of course be thinking about adding more personnel to your team. However, while we will get into that in just a moment, one of the best things that you can do is to look at the talent pool you already have. You will have heard about the Great Resignation, and while the real extent of this phenomenon may or may not be as explosive as some of the reports have made out, there is no denying that a lot of workers have been seriously considering leaving their jobs to find a new opportunity. One of the best ways that you can keep your best staff around is by demonstrating that you are invested in their growth. That means ensuring that you can offer progression, so think about offering training programmes and incentives to develop new skills. This will also benefit you because you can identify the areas where you want to improve and expand and give those positions to employees that you already value and trust.
Get Smarter About New Hires
Finding the right new staff for the roles you need to fill can be easier said than done. There are so many vacancies in the UK job market right now, and companies are struggling to fill them. Make sure that you are being as clear as you can on your job specifications and think about what you can do to make the position more attractive. For example, can you offer hybrid or remote working as an option to cast a wider net? What benefits can you offer to set your company apart from the competition, such as mental health support? You will also need to think about how you can capitalise on the best potential hires. Do not give them time to find an opportunity elsewhere. Make sure that you get back to them as quickly as possible.
Keep Working On Your Website
We know that when you are under the gun and working to constant deadlines, updating your website is not always going to be the first thing on your list. However, with the marketplace as competitive as it is right now, your website needs to be one of your main priorities. A good business site should drive your business growth and keep people around after they have clicked through. Look at the latest Google updates to ensure that you know what they are looking for. Create SEO-friendly content that demonstrates that you are experienced and that you have a great level of expertise. You could also think about using different media that may better demonstrate what it is that you do and what sets you apart. You also need to consider accessibility. No one is going to stick around on a website that is difficult to use. Ensure that links are clearly highlighted, and think about adding an AI chatbot to help people get to where they need to go.
Six Tips For Any Company Looking To Expand This Summer